No and yes. It is a reference to an blood condition due to the toxic effect of a particular face powder used during a period when it was fashionable to look incredibly pale. The resulting condition made the veins close to the surface of the skin look very pronounced and have a deep blue hue. Or another take on this is this "It was the Spaniards who gave the world the notion that an aristocrat's blood is not red but blue. The Spanish nobility started taking shape around the ninth century in classic military fashion, occupying land as warriors on horseback. They were to continue the process for more than five hundred years, clawing back sections of the peninsula from its Moorish occupiers, and a nobleman demonstrated his pedigree by holding up his sword arm to display the filigree of blue-blooded veins beneath his pale skin—proof that his birth had not been contaminated by the dark-skinned enemy." (Robert Lacey, Aristocrats. Little, Brown and Company, 1983, p. 67)